All Forum Posts by: Melissa Mendoza

@Justin Pencook I just want to start by saying I am NOT an attorney or legal professional, I am speaking solely from experience. Once you sign the purchase agreement, the contract goes into “attorney review.” This is when your attorney would insert the assignment clause. The seller has the option to accept. If the seller does not accept, you can do a double close, in which you would buy/sell on the same day and the money would just transfer through escrow. Another option would be to purchase the property under an LLC and then sell the LLC to your buyer. Either way, assigning contracts are a tricky business. It’s much better to actually purchase the property then sell. That way there are no questions on the legal end. Also one thing to know, even if you have a property under contract, some realtors will not be willing to open the door for your potential investors. Just keep that in mind. PM me if you have any other questions. Good luck!!!

@Ramsin Jacob Great job! Don’t listen to the haters, keep crushing it :)

@Riley Burke Welcome to the community! Happy to hear you’ve decided to invest in real estate. There is a ton of information out there and it is very easy to get overwhelmed. BP has an Ultimate Beginner’s Guide that you can find on the website. This is a good place to start. My advice is to not bombard yourself with information. It can end up having a negative effect once you realize how much there is to know about real estate. As soon as possible, I would find a very specific niche so that you can shift your focus on learning everything about that niche. The second thing i suggest you focus on is funding. 50K is a great amount of money to start with, however, it’s always better business to leverage other people’s money so that you have some capital to fall back on for the unexpected. Good luck on your journey! PM me if you have any questions along the way :)

@Vicky Gatrux It really depends on a lot of factors. Do you know what the ARV is? Is this a flip? How are you planning to fund it?

@Chris Berry Hey Chris, I’ve actually been looking in Nassau County and have been coming across some good deals. Are you working with an efficient realtor? Do you have automatic emails sent to you from MLS?

@Mary Jay Hi Mary Jay, I have a couple tips thay might help. First of all, take a step back and acknowledge all the work you’ve already accomplished. I myself am a mother as well, so I know how easy it is to beat ourselves up about not completing EVERYTHING on our to-do list (which is usually impossible to begin with). Give credit where credit is due! Second, we always do a really great job of overwhelming ourselves. Most of our exhaustion comes from our emotional actions rather than our physical ones. For example, we may think “I have to do laundry.” So we think, “Ok, first I have to separate the whites. Do I have enough soap? Where did I put my laundry basket? Ugh I’m dreading folding.” Before we know it, we’ve worn ourselves out without even lifting a finger! My suggestion is, identify the next actionable step, and focus on that rather than all the thoughts around that action. I’d love to share more tips with you if you want to PM. Good luck on your journey!

@Stephanie Alcin Have you tried getting pre-approved for an FHA or 203k loan? If you have some savings, they only require 3.5% down. Are you looking to live in one of the units?

@Maya Torres Currently in the process of selling my co-op (live-in flip) in Queens, NY to move into a two family home on Long Island. Planning on house hacking for the next 3-5yrs to accumulate some rentals while living for free. Don’t recommend renting, if you have some funds you can do an FHA loan and hold the property as a rental once you find a permanent home (and use the equity from the rental as a down payment on your dream home!) Good luck!!!

Does anyone have experience investing in college towns? I read an article suggesting keeping rents high to target graduate students and faculty. Thoughts?

@Andres M. Do you know any real estate agents or investors on the island?